Early in 2013, it was announced that Alberta will be expanding its world connections with the debut of a new trade office in India.
Now, a month later, that announcement has become reality as Premier Alison Redford opened that office while on a trade mission to India in the middle of January 2014. It is only one of many new establishments being opened by Alberta around the world in recent years – other locations include the United States, Germany, South Korea, and China.
The new trade office will play an integral role in promoting trade and investment between India and Alberta by connecting companies and providing the resources necessary to make it all happen.
Forecast and Demand
While India may not be the economic powerhouse that China is, it is home to the world’s second largest population and according BP PLC’s Energy Outlook released on January 15th, 2014, itself and China will make up for a majority of the predicted energy consumption increase in the years to come.
From 2012 to 2035, world energy consumption is expected to rise by 41 percent.
Over the past decade, Alberta has exported an average of $100 million to India each year – that’s tiny when you consider the $85 billion in trade with the United States and the $96 billion with the entire world market.
But with India’s massive population comes massive potential as a huge market for Alberta’s exports. Most of the current exports heading to India from the western Canadian province are agricultural products such as dried peas (about half of the total exports), as well as some plastics made from petroleum.
Surprisingly enough, Alberta has not been exporting any crude oil to India, but that is likely to change in the years ahead with India being forecasted to have a huge increase in demand for energy.
Now if we can just get those pipelines built to the British Columbia or New Brunswick coasts as safely and with as much reduced environmental impact as possible – doing so will open up Alberta’s oil sands, the third largest proven oil reserves in the world, to more world markets and create economic benefit for Alberta and Canada as a whole.
- Learn more on the Truths about Alberta’s Oil Sands today.
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